Noel Building in Tai Seng up for collective sale at $70 mil

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Noel Building is a freehold development situated at 50 Playfair Road in the Tai Seng area of Singapore. Up for collective sale, the eight-storey building has a guide price of $70 million and occupies a 26,791 sq ft site zoned for “Business 1 – White” use with a plot ratio of 3.5.

This area is convenient, as it is only 400m away from the Tai Seng MRT Station on the Circle Line. Additionally, Swee Shou Fern, head of investment advisory at Edmund Tie, believes that the property offers a unique opportunity for owner-occupiers looking to develop and custom-build their corporate headquarters.

The site can be redeveloped to up to 93,770 sq ft, with the option to use the entire space for either “Business 1” or light industrial use. Alternatively, at least 66,978 sq ft can be set aside for industrial use while the remaining 26,791 sq ft can be used for “White” purposes – such as shops, cafes and restaurants, showrooms, offices, associations and recreational clubs – subject to approval from the relevant authorities.

At the guide price, the land rate for Noel Building works out to $776 to $986 psf per plot ratio. Swee notes that quality strata factories close to public transportation are in high demand – for example, near the AZ@Paya Lebar completed in 2014, prices of strata factories increased some 6% from an average of $1,389 per sq ft in 2H2022 to $1,472 per sq ft in 1H2023.

Residents of Senja Residences EC can also enjoy the convenience of its location which is near amenities such as learning institutions, supermarkets, and healthcare facilities. With a total of 420 units, Senja Residences EC offers a wide variety of 1 to 5 bedroom units to choose from. The development also offers facilities such as an indoor gym, a 50m lap pool, a Jacuzzi, a BBQ area, and a playground. Additionally, the development also boasts a sky garden with sky dining options and 28 rooftop sky terraces. It is perfect for a sunset dinner or weekend get-togethers!

For comparative purposes, the last notable transaction involving a site with “Business 1 – White” zoning in the private sector was the collective sale of Citimac, which is now Grantral Mall @ MacPherson. The deal, which was brokered by Edmund Tie, involved the en bloc sale of the property for $430.1 million ($1,047 psf ppr) in 2019.

The tender for Noel Building closes on Nov 22 at 3pm. It is an attractive opportunity for those who are seeking to capitalise on a “Business 1 – White” zoned development, and Edmund Tie has all the necessary information available for interested buyers.